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How Wealthy Foreigners and Greedy Africans Bleed the Continent

A study published by the Association of Concerned Africa Scholars details how the illicit siphoning of billions of dollars abroad by foreign investors and African leaders has impoverished Africans for 40 years.

 

Estimates of illicit capital outflows range from U.S. $854 billion to $1.8 trillion between 1970 and 2008. Even if only the capital transferred abroad between 2000 and 2008 had been invested domestically, the average rate of poverty reduction could have been 4 to 6 percentage points higher per year. Adding 4 to 6 percentage points to the current rate of poverty reduction would allow most African countries to reach the Millennium Development Goal of halving poverty by 2015. Instead, only a handful of countries will reach this goal.

Daniel Hayduck/IRIN

Bye Bye money: Africa loses billions that could be used for development.

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